Binance CEO: No Support for Hacked Rival Bybit

Binance, the world's largest cryptocurrency exchange, has not yet started supporting Bybit, a rival exchange, according to a statement by Binance's CEO, Changpeng Zhao (CZ). Any trading activity between the two platforms is solely the result of user behavior.

This announcement comes amidst a series of events involving Bybit. In a significant development, Bybit suffered a hack that resulted in the loss of over 500,000 ETH, amounting to approximately $1.5 billion. This incident has been reported as the largest hack in the history of cryptocurrency. The hack raised questions about the security of Bybit's multi-signature wallets, which are designed to provide an additional layer of protection against unauthorized access.

In response to the hack, Bybit took immediate action to mitigate the impact on its users. The exchange fully disclosed its liquidation data, setting a new industry standard for transparency. This move was praised by the cryptocurrency community, as it demonstrated Bybit's commitment to accountability and openness.

Meanwhile, the cryptocurrency market has been experiencing a wave of liquidations, with the total amount exceeding $65 million. This trend has sparked speculation about the potential end of the "bear market" and a possible shift towards a more bullish environment.

The hack on Bybit and the subsequent liquidations have highlighted the importance of security and transparency in the cryptocurrency industry. As the market continues to evolve, exchanges like Binance and Bybit face increasing pressure to maintain the trust of their users and ensure the safety of their assets.